Prime property on offer this week
20 November 2023
Statement by the Mayoral Committee Member for Economic Growth, Alderman James Vos.
Several prime properties aimed at boosting the economy are on offer as the City of Cape Town prepares to hold its last property auction on Thursday, 23 November 2023. These include over 86 000m2 of industrial and commercial space across 12 sites, sought-after commercial kiosks in the CBD and Simon’s Town, and a prime commercial site in Century City. The upcoming round of public sales and lease opportunities via a mandated competitive bidding process comprises land not required for municipal purposes. The online nature of the platform, which will be data-cost free to bidders, will make the auction more accessible to the public.
Interested bidders are encouraged to register and bid online, this is a unique opportunity that makes access to auctions simple and safe.
All of the properties up for auction have been thoroughly assessed and are not required for municipal purposes. In total, more than 100 000m² will be up for auction. The best economic and social value will be derived from the release of these properties for a range of uses, from industrial to community and private-sector led residential development, depending on the zoning. In this way, the City is supporting our economic recovery as smart real estate transactions create jobs through construction and generate revenue for municipal service delivery.
The auction is a competitive way of disposing of land without fear nor favour, ensuring the best use while being caring, consistent and confident of our processes.
The release of land and opportunities to lease to the market underpins so many elements of our economic growth. The volumes and value of property disposals and leases handled by the Property Management department speak to our smart real estate approach to get the best economic and social value of our assets. This is an important milestone as we move towards the end of a lengthy administrative process, taking our assets to the market.
All of the intended auction sites have been carefully screened in terms of zoning and best use and are now ready for private sector uptake.
For further details on the properties, go to HighStreetAuctions.com.
End
Published by:
City of Cape Town, Media Office
